Senate Energy Committee abolishes ratification of oil exploration agreement

Home Jordan News Senate Energy Committee abolishes ratification of oil exploration agreement 03-08-2023 04:42 PM Ammon News - The Senate's Energy and Mineral Resources Committee approved a draft law to abolish ratification of the production-sharing agreement to explore for oil and assess its exploration, development and production, as referred from Lower House. The deal was signed between Jordan Natural Resources Authority (NRA) and Canada’s Ammonite Energy International Inc. (AMO-V) to carry out oil exploration in Jafr region and central Jordan bloc. The decision came during the committee's meeting Thursday, headed by its chief Malik Kabariti, and in presence of the Minister of State for Legal Affairs, Nancy Namrouqa. Kabariti said the committee’s move was taken after reviewing the mandating reasons for the decision to revoke the agreement ratification, which came due to AMO-V's failure to implement its contractual obligations, according to the agreement terms that constitutes a "basic material" breach of the deal provisions. Ratified in 2015, the government decided to revoke the agreement's ratification law according to the validating reasons, in 8/2/2017, based on the deal's Article (32).

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Senate Energy Committee abolishes ratification of oil exploration agreement

03-08-2023 04:42 PM

Ammon News - The Senate's Energy and Mineral Resources Committee approved a draft law to abolish ratification of the production-sharing agreement to explore for oil and assess its exploration, development and production, as referred from Lower House.

The deal was signed between Jordan Natural Resources Authority (NRA) and Canada’s Ammonite Energy International Inc. (AMO-V) to carry out oil exploration in Jafr region and central Jordan bloc.

The decision came during the committee's meeting Thursday, headed by its chief Malik Kabariti, and in presence of the Minister of State for Legal Affairs, Nancy Namrouqa.

Kabariti said the committee’s move was taken after reviewing the mandating reasons for the decision to revoke the agreement ratification, which came due to AMO-V's failure to implement its contractual obligations, according to the agreement terms that constitutes a "basic material" breach of the deal provisions.

Ratified in 2015, the government decided to revoke the agreement's ratification law according to the validating reasons, in 8/2/2017, based on the deal's Article (32).

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